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The law of unintended consequences has struck the second-home market. Increase taxes on the wealthiest Americans, and second-home prices jump. That's what we've discovered during our annual review of the second-home market. Buyers fleeing high-tax states are snapping up properties in states with less onerous tax burdens, animated by the dictum uttered by Judge Learned Hand, who famously stated that Americans have the right to construct their affairs to produce the lowest possible tax burdens.

Some second-home enclaves are, in short, morphing into domestic tax havens, with sales of multimillion dollar homes in states without income taxes increasing considerably in late 2012. The big winners were Wyoming, Nevada, Florida, and Texas; real-estate agents tell Penta the trend is carrying briskly into the current year. Conversely, it's interesting to note that the few resorts registering price falls last year included the Hamptons and Pebble Beach in high-tax New York and California, respectively. Homes in the right tax locations that once might have been classic "10 by 2s"—which fantastically describes $10 million property used two weeks a year—are increasingly being used as primary residences.

But the second-home market is now showing signs of health at almost all price points, in almost every market considered, which is helping to eliminate the excess inventory that has been hanging around since the recession. On our list of the 20 best places for second homes, which starts on the following page, fully 16 of the locales registered price increases last year. Many sales last year closed within 10% of the offering price, and all indications suggest that 2013 will be the year of real estate, as BlackRock, the world's largest stock and bond manager, advised its clients.

That's even though last year didn't start out that hot. High-end real-estate sales struggled for much of 2012, until state and federal elections in November and Washington's fiscal-cliff sideshow in December, energized what seemed to be a second-straight year of lackluster sales. The threat of rising taxes and a mistrust of the stock market together prompted buyers to buy luxury homes.

Wyoming, a state without debt and a budget surplus of about $1 billion, saw a tax-motivated buying surge in Jackson Hole. Palm Beach, Fla, long known as a place of great wealth and oceanfront trophy properties, saw a similar spike. Les Evans, a Palm Beach real-estate attorney, attributed the rise to the wealthy, particularly hedge-fund managers, fleeing high-tax states like New York. Texas and Nevada also benefited from the absence of state income taxes.

"We saw an uptick right after the election from states that passed proposals to raise taxes during the election," says Dave Spackman, a Sotheby's broker in Jackson Hole. "We had a number of people with whom it was very important to own property here and be registered."

Federal income taxes will of course increase in 2013 to 39.6% from 36% for anyone earning more than $400,000 in taxable income, or for couples earning $450,000. In California, a $6 billion tax increase included a millionaire's tax. Anyone who makes over $1 million pays California's income tax of 9%, plus a 3% millionaire's tax, potentially bringing their total state, local, and federal burden to 55%. That, apparently, is the tipping point. Californian millionaires drawn to Wyoming's outdoor life also are buying into Jackson Hole because their total income taxes will top out at 39.6%—Wyoming doesn't have state or local income taxes.

One California businessman contacted Spackman after the November election. He and his wife quickly bought a $15.5 million property. They moved part of their financial business to Texas. By year's end, the California couple had become Wyoming residents with state driver's licenses, voter-registration cards, and bank accounts to boot.

One Los Angeles financial advisor, who asked to remain anonymous, said many of California's wealthiest residents are moving to Lake Tahoe's Incline Village, in Nevada, to escape California's taxes. "After a while, it becomes real cash, and that's why all these guys live in Tahoe," he said, requesting anonymity for fear of triggering audits by California's tax agents.

State governments are naturally very aggressive in these matters. California state-tax authorities actively check airplane tail-number registrations and telephone records to confirm that people aren't secretly working in California and claiming residence in Nevada, where there is no state income tax.

Also important to note: Property taxes can be unusually low in some tax-friendly states. In Wyoming, for example, property taxes tend to total about $6,000 per $1 million of assessed property value. In Harrison, N.Y., a Westchester suburb, annual property taxes on a $2.5 million home can easily exceed $60,000 a year. If your business can travel, and you like the outdoors, it's hard not to see the logic of such a move. Of course, there also will always be folks who buy beautiful houses in beautiful places simply to enjoy the view.

So, here, now, our list of the top 20 resorts in America. This year, we have added Austin, Texas, and Mount Desert Island, Maine. We thought the growing interest in low-tax Texas and Austin better suited to our audience than sleepy Highlands, North Carolina, which we dropped. In Maine, meanwhile, we substituted Mount Desert Island for Castine, not because we were down on Castine but because Mount Desert Island has in recent years seen the highest valued property sales in the entire state. That caught our attention.

A word, too, about the numbers. Each broker makes its own database criteria and calculations, explaining why its median sales figures may not even be comparable with the calculations of the broker next door. One broker in Martha's Vineyard might create an average out of all the properties on the entire island, for example, while another might create a median second-home price out of only the island's highest-priced ZIP codes. We used several new brokers this year, so we recommend comparing only the median prices in this issue, rather than trying to match up median prices from past issues, which often came from different sources. Also note that the median sale in communities with a small number of properties can be distorted by a few very expensive houses selling one year, followed by a year when all price points are selling, including condos. The median price might fall between those two years, even though the real-estate market in the latter year is possibly more robust.

1. JACKSON HOLE, WYOMING

The stunning town is surprisingly easy to reach, with direct flights from many major cities, which is why folks are buying in Jackson Hole to escape high taxes elsewhere. Many initially come to ski and fall in love with the little mountain town of 20,000. It gets its name from trapper David Jackson, who, in the early 19th century, set up his operation in the hole surrounded by the Teton Range. The sales sweet spot in "the place," as locals call Jackson, is about $2 million to $10 million, or you can snag a year-round house in a spot near Yellowstone National Park. You can ski in winter, and fly-fish the Snake River, raft, hike, and ride bikes and horses during the warmer months. Be sure to hit the Snake River Grill, where the Culinary Institute of America-trained chef turns out American classics that has put him on the James Beard Award radar. If you forget anything at home, gear up at Teton Mountaineering.

Median price, 2012: $1.8 million

Median price, 2011: $1.2 million

2. PALM BEACH, FLORIDA

Palm Beach is quietly becoming America's stylish tax haven for the very rich. Les Evans, dean of Palm Beach's real-estate attorneys, says 2012 was a turning point because house and condominium sales were often driven by a desire to escape rising taxes in places like California and New York. It was particularly noticeable toward year's end, when home sales accelerated over uncertainty about taxes and the fiscal cliff, and included some sales topping $20 million. But high-priced condominium sales were the real story for 2012. The island has always attracted the old and wealthy, but it is increasingly attracting the young and prosperous, as well. Ken Griffin of Citadel Investments is rumored to have spent $130 million at year's end buying several oceanfront lots. Palm Beach's young and sassy dine at Buccan, but for a view of the toupeed old guard, head to the Palm Beach Grill.

Median price, 2012: $3.6 million

Median price, 2011: $2.58 million

3. HANALEI, HAWAII (KAUAI)*

Known for its "Amazonian" hiking trails, complete with jungles and waterfalls, island visitors will find the Queen's Bath a short walk from Kapiolani Road, where the natural swimming pool is set in a lava shelf. There you can do as the ali'i, Polynesian for chiefs, have done for centuries—wash away stress. Tourists know about the Dolphin Restaurant at Hanalei and its soft-shell-crab rolls, but locals swing around back for the fish market, when, around noon, they find the freshest fares of the north shore.

The Princeville-side beach cottages and plantation-style homes on the bluff range from $2 million to $5.5 million, good value compared with the $10 million to $13 million oceanfront properties in Hanalei proper. Look for high ceilings and windowed walls to take the edge off the seclusion. Last year's highest sale was a five-acre property overlooking Kalihiwai Bay for $9.7 million.

*Includes Princeville

Median price, 2012: $925,000

Median price, 2011: $758,000

4. PARK CITY, UTAH

Everyone associates Park City with skiing and Robert Redford's Sundance Film Festival, but the town's real draw is in the summer. When the snow melts, the Park City Mountain resort becomes a mountain-biking paradise, with the fearless taking ski lifts up and bikes down. Other alpine activities include boating on the Weber River, fly-fishing on the Provo and Weber rivers, and golf at the private Glenwild Golf Club and Spa.

Park City proper looks like a storybook ideal of a Western town that happens to be lined with Japanese spas and dog nannies. That makes the town increasingly popular; it's a half-mile from the mountain and offers reasonable value compared with Upper Deer Valley property near the St. Regis hotel. Generally, higher elevations equal higher prices. Housing inventory is down sharply; sales usually occur within 8% of asking prices. Montage Deer Valley in Empire Pass offers condos with stunning views. Housing sales are brisk. In posh Upper Deer Valley, the 2012 fourth-quarter median sales price was $4.99 million, up 66% from $2.99 million in the year-earlier quarter.

Spend time at High West Distillery & Saloon. Located at the bottom of Quittin' Time ski run, the saloon was founded in 1870 and bills itself as the world's only ski-in gastro distillery, with its eponymously named whiskey and rye.

Median price, 2012: $2.7 million

Median price, 2011: $2.1 million

5. NORTH LAKE TAHOE, CALIFORNIA*

"Keeping up with the Ellisons" is turning into an oft-repeated phrase in North Lake Tahoe. That's because PeopleSoft founder David Duffield recently bought a $26 million estate on the Nevada-side Incline Village, the largest sale since 2008. He joins Oracle CEO, Larry Ellison, who has been snapping up parcels since 2006. Incline Village's median sales increased from $1.2 million in 2011 to $1.4 million in 2012. Vail Resorts' Northstar is making a direct appeal to jet-setting skiers; its Epic Season Pass, costing upward of $700, grants access to seven other resorts, including Tahoe's Heavenly and Colorado's Vail, and a three-day pass for Verbier in Switzerland. Families tend to hide out in Martis Camp's granite and wood cabins; the resort has a ski lift literally out of its backdoor, and a rec center with a '50s-style soda fountain, bowling alley, and summer concert series. Country headliners include Lyle Lovett and Crystal Gayle. Martis Camp homes' median sale was $3.3 million in 2012, down a tad from $3.4 million in 2011.

*Includes Tahoe City and West Lake Tahoe. Median created out of properties above $1 million.

Median price, 2012: $2.9 million

Median price, 2011: $2.3 million

6. MOUNT DESERT ISLAND, MAINE

Captains of industry, heirs, and artists have long been drawn to Northeast Harbor on Mount Desert Island by the surrounding area's surf-pounded cliffs, the fjord-like Somes Sound, and Acadia National Park. Grand shingled 19th- and 20th-century "cottages" were built for the Social Register set by architects William Ralph Emerson, Fred Savage, and Duncan Candler (a favorite of the Rockefellers). Nestled amid the granite and spruce, these summer homes continue to inspire the modern sensibilities of architects Keith Kroeger, Robert A.M. Stern, and James Righter, whose works are sprinkled along prestigious Sargeant Drive and Manchester Road. A stroll through the Asticou Azalea Garden or nearby Thuya Garden is often followed by a lobster-salad lunch on the terrace at the Asticou Inn, with its panoramic view of the harbor and Bear Island. A round of activities at the Northeast Harbor Golf Club or the Northeast Harbor Swim and Tennis Club frequently ends with dinner at The Burning Tree restaurant in nearby Otter Creek, where the house dish is gray sole in a sugar-snap-pea sauce. Another hot ticket: taking a boat to Little Cranberry Island's Islesford Dock Restaurant, where you might be seated next to home-improvement queen Martha Stewart, former U.S. National Security Advisor Zbigniew Brzezinski, or Law and Order creator Dick Wolf. Northeast Harbor's Indian Head estate, built by Baker Hughes director and venture capitalist Jim Lash, set a record for the highest residential-property sale in the state, at $12.25 million in 2011. Last year's deal of the year: a $7 million sale in which a buyer's agent approached the owner of an unlisted property.

Median price, 2012: $425,000

Median price, 2011: $375,000

7. AUSTIN, TEXAS

This small city just 85 miles from the farthest of the Highland Lakes currently has such an "it" reputation, younger executives elsewhere in Texas are buying downtown vacation condos with hotel-style amenities. They cruise the live indie rock, blues, and country joints lined up along 6th Street, including Antone's, where Elvis Costello and Muddy Waters used to jam. Oil barons and tech executives tend to buy property around the Highland Lakes, where the Hill Country views are lush. Lakefront Tuscan-inspired or contemporary homes sell between $3 million and $8 million, depending on surrounding lake depth and proximity to Austin. Michael

Michael Dell's home overlooks Lake Austin. In line with the "Keep Austin Weird" mantra, there is a $4.9 million estate in Horseshoe Bay on Lake LBJ with a lava-rock facade, rotating living room, and private beach. Never decimated by the housing-market crash, prices have slowly risen some 8% over the past five years. The largest deal last year was a $7.8 million three-acre home perched on a cliff above Lady Bird Lake. South by Southwest is the city's spring music and film festival; buzz this year is around Don Scardino's premier of The Incredible Burt Wonderstone and one hotly anticipated band, Cold War Kids.

Median price, 2012: $457,750

Median price, 2011: $445,000

8. ASPEN, COLORADO

In 2012, hedge-fund manager John Paulson bought Saudi Prince Bandar bin Sultan's 95-acre Hala Ranch in Aspen for $50 million. A 504-acre home in nearby Snowmass should soon close at $50 million. So, safe to say, the slopes are both ice cold and red hot.

Trophy homes aside, the housing deals flying off the piste are in the $2 million to $7 million range, with the classic Aspen ideal around $6 million. Red Mountain has Aspen's most dramatic views, especially Willoughby Way, which is arguably Aspen's best address. Of the area's four mountains, Aspen Highlands is the steepest, but Snowmass is the ski-bum favorite.

Favored hangout: St. Regis at the foot of Aspen Mountain, and the nearby Ajax Tavern, which the Aspen Times anointed 2012's best spot for outdoor dining and people-watching.

Median price, 2012: $4.4 million

Median price, 2011: $4.1 million

9. WAILEA, HAWAII

Maui is a happy medium between the overly developed big island and the naturalistic idyll of Kauai; the south fork of Maui, known as Wailea, is a Hawaiian getaway without the kitsch. Last year, chef Alan Wong opened Amasia at the Grand Wailea. Tucked into a Japanese garden alongside a koi and turtle pond, the restaurant is reminiscent of a Kyoto teahouse, complete with private tatami rooms. The restaurant's America-Asia mash-up name suits its fusion pupu, like the ahi meatballs smothered in arrabbiata or "angry" Italian sauce.

Luxury-home prices in Wailea are up 60% from their 2009 low, but deals still can be cut. Aerosmith's Steven Tyler paid $4.8 million for a pentagonal cottage in Kihei, a significant shave off its $6.5 million asking price. The Four Seasons is your go-to place for cocktails at dusk; look to the west, over the horizon, and you may experience the "green flash," an optical phenomenon or flash of light that occurs right after sunset and before sunrise, for no more than a second.

Median price, 2012: $2.7 million

Median price, 2011: $2.5 million

10. LAKE GENEVA, WISCONSIN

Chicago's wealthy have long been drawn to Lake Geneva by its large spring-fed lake (14 miles in length) and 21 miles of shoreline, including the Wrigleys (chewing gum,) Mortons (salt), and Schwinns (bicycles). But newer Chicago money has since infiltrated the resort. The Pritzkers of Hyatt Hotel fame took over and extensively renovated a large estate originally owned by the Harris Trust banking family. Pat Ryan, the founder of Aon Insurance, owns a 1906 mansion called House in the Woods. Presiding over Lake Geneva these days with a Gatsby-like presence is the financial mogul Richard Driehaus (mutual funds, not bootlegging); his lavish Fourth of July-theme parties are capped off by a shock-and-awe fireworks display for residents. According to realtor Mark Larkin of Keefe Real Estate, the average price of Geneva lakefront properties hit $2.35 million last year, after falling as low as $2.08 million in 2010 from $2.63 million in 2008. Larkin represented the gas industrialist who purchased last year's major $7.2 million property. Generating buzz: Bocelli's, a soon-to-open Italian lakeside restaurant with marina that will allow diners to arrive by car or boat.

Median price, 2012: $1.9 million

Median price, 2011: $1.8 million

11. VAIL, COLORADO

Vail is the nation's alpine village. You can walk everywhere and take chairlifts to ski down the U.S.' largest ski resort. Vail is surrounded by federally protected forestry land, which tends to make Vail condo-centric while producing housing inventory that can sometimes be tight. Vail is comprised of several villages, but Vail Village, at the mountain's base, is a warren of shops and restaurants that are always desirable. Lionshead has a Ritz-Carlton hotel, and it's possible to buy units there, but check out the Arabelle at Vail Square, where property is selling about 6% below offering prices, better than in most competing markets. Last year, Vail celebrated its 50th anniversary, prompting the local government and Vail Mountain Resorts, the stock-market-listed company that owns Vail, to spend a bundle upgrading infrastructure. Vail Village's streets now have a snow-melt system. For new American cuisine, head to Larkspur Restaurant & Bar and celebrity chef Kelly Liken's eponymous eatery. For a taste of Asia, meanwhile, go to Osaki, where the sushi chef was trained by his grandfather in Osaka, Japan.

Median price, 2012: $1.9 million

Median price, 2011: $1.6 million

12. BRAYS ISLAND PLANTATION, SOUTH CAROLINA

Brays Island Plantation is quietly establishing itself as a refuge for wealthy families who want privacy and a sporting life. Deal volume remains slow, partly because it is not a general-purpose resort but a private enclave for shooters, fishermen, equestrians, and boaters. Sumner Pingree, who bought Brays in the 1960s and in 1988 turned his plantation into a community for no more than 325 families, still lives there. A pleasure is asking the resident naturalist, Bruce Lampright, for a tour of the 5,500-acre plantation, on horseback and with telescope. Brays' roads are not lit; the night-sky stars shine. Added bonus is that Charleston and Savannah are only an hour away. Housing prices are strong, but only eight homes sold in 2012, up from five in 2011. About 27 of 205 homes are for sale, and deals are getting done at 15% to 10% below the offer. The mild buyer's market probably won't last for long.

Median price, 2012: $1.6 million

Median price, 2011: $1.3 million

13. MARTHA'S VINEYARD, MASSACHUSETTS

The 100-square-mile island off Cape Cod famously offers the rose-tinted cliffs of Gay Head, morning coffee at Alley's General Store in West Tisbury, and lobster-in-the-rough in the quaint fishing village of Menemsha. Regattas are held throughout the season, and the Edgartown Yacht Club extends its facilities to members of sister clubs in the U.S. Sailing Association, but only when arriving by yacht. Fans of classic wooden boats hang out in Vineyard Haven's Gannon & Benjamin Marine Railway, while off-season the island belongs to the sports fishermen working the monthlong Striped Bass and Bluefish Derby.

Reservations are a must for dinner at the Outermost Inn in Aquinnah, where your host will be Hugh Taylor, younger brother to folk-singer sibling James Taylor. Atria in Edgartown is the go-to choice for a dinner with an elegant downtown feel; tasty burgers are served at its Brick Cellar Bar. The local dance band, Johnny Hoy and the Bluefish, is an island-wide draw. President Barack Obama checks out the Bunch of Grapes Bookstore in Vineyard Haven during his summer vacations, but celebrity-spotting even takes place in Abel's Hill cemetery in Chilmark, the final resting place for Animal House comedian John Belushi. House sales rose 26% in 2012 from the prior year, but a new building-restriction bylaw in Chilmark could get voted in next month. The biggest deal of the year came in the last days of 2012: $12.6 million for a late 19th-century harborfront house in Edgartown, sweetened by a pool and private dock.

Median price, 2012: $595,000

Median price, 2011: $542,000

14. SCOTTSDALE, ARIZONA

The Arizona suburb has been a retirement oasis for over a millennium, since the Hohokam, a prehistoric civilization, irrigated the area, creating what became the man-made playgrounds for which Scottsdale is famous. Adobe-like mesa-top homes inconspicuously dot the Sonoran Desert landscape up north, which have gone up 10% since 2011 but are, at about a $400,000 median, still far from their $640,000 highpoint in 2006. The long-established retirement destination is bouncing back slower than most areas, in part because of the state's poor immigration image. But the Fairmont Princess Resort is working on an estimated $60 million renovation. Earlier this year, it introduced a well-being program at its Willow Stream Spa, which includes medical professionals on hand to provide health tests and prescribe "treatments" like acupuncture, massages, or skin-rejuvenating facials. That should go nicely with the town's 200 golf courses.

Median price, 2012: $395,000

Median price, 2011: $360,000

15. PALM SPRINGS, CALIFORNIA*

In the past decade, Palm Springs has been attracting hipper clientele with its Coachella Music Festival, starring Phoenix and the Red Hot Chili Peppers in 2013, plus haute hotels, such as the Ace, and all-night dancing at promoter Jeffrey Sanker's White Party.

The drive-to destination for nip-and-tucked Los Angelenos, Palm Springs is in the midst of its own makeover, including a "health awareness" mission dressed up as the Humana Challenge, an early-season PGA Tour event. The tournament was better known as the dying Bob Hope Classic until Humana teamed up with the Clinton Foundation and gave it a face-lift. Part of the event will be held in La Quinta, where the median price for high-end homes currently on the market is $1.5 million. A 12,200-square-foot home in South Palm Desert sold for a record $12.3 million last year.

*Includes Rancho Mirage, Palm Desert, Indian Wells, and La Quinta.

Median price, 2012: $370,000

Median price, 2011: $350,000

16. KIAWAH ISLAND, SOUTH CAROLINA

The first thing to do on Kiawah is get on a bike and ride along the hard sand beach that spans the island. Hit the famed Ocean Course, host of the 94th PGA Tournament, in 2012, for preprandial aperitifs; you can see the sun set and moon rise in different parts of the sky.

Kiawah is mostly a haven for golfers, but captain Harry of Drum Runner Charters at the Bohicket Marina gets his share of business. Kiawah is big, and you can buy a house at almost any price point to reflect almost any aesthetic. Near the big-draw Ocean Golf course, a developer is offering lots at Ocean Park with some of Kiawah's best ocean and marsh views. Housing inventory is low, and sales are occurring within 90% of offer prices.

Median price, 2012: $1.3 million

Median price 2011: $1.2 million

17. HAMPTONS, NEW YORK

In last year's ranking, we named the Hamptons the country's top second-home spot. Goldman Sachs' chief executive, Lloyd Blankfein, appears to have agreed with our call, buying a Bridgehampton manse for some $33 million; he owns another in Sagaponack. Hamptons' sales picked up at the end of the year, as Wall Street rebounded, the economy strengthened, and the election brought a degree of clarity.

The area's high taxes haven't done too much damage, yet. There was a dip in the median price last year, but reports indicate that houses are moving at all price points, rather than just at the superhigh end, as in previous years. Corcoran's even reported that fourth-quarter, postelection sales in the Hamptons rose 29% over the year-earlier period.

Yes, there is Sean Combs' White Party and lawn shindigs around the summer's horse-jumping event, Hamptons Classic, but everything starts and ends on the white sand beaches. If you need to see and be seen, perambulate your American Express card along Southampton's Jobs Lane. Gastro tour must-eats include East Quogue's Stone Creek Inn, East Hampton's Nick & Toni's, and Sag Harbor's American Hotel. "Lunch" is shorthand for Amagansett's Lobster Roll restaurant.

Median price, 2012: $1.5 million

Median price, 2011: $1.6 million

18. SUN VALLEY, IDAHO

Sun Valley has a rich history of drawing the powerful and glamorous, from former Speaker of the House Tip O'Neill and the Kennedys to Ingrid Bergman and Marlene Dietrich. Today it attracts industry types who got their first taste during the town's annual Allen & Co. media conference.

Residents include gambling mogul Steve Wynn and Dodge & Cox CEO, Harry Hagey, as well as former Senator John Kerry. Steve Jobs' widow, Laurene Powell, reportedly purchased a $4 million home this past July. Prices were down in 2012 overall, due to a significant number of bank-owned properties hitting the market, but local realtors saw a turnaround late last year, with the highest-priced sale going for $10.6 million in December.

While mountain peaks are high enough for heli-skiing, in warmer months less heart-stopping action can be found hiking or fishing along the Saddleback Lakes and rivers, known as "Shangri-La."

Median price, 2012: $925,000

Median price, 2011: $1.09 million

19. PEBBLE BEACH, CALIFORNIA*

It was the other Sam Morse, a distant cousin of the inventor of the telegraph, who built Pebble Beach into a "golf mecca" -- and it still looks like a divine hand placed Scotland's dales on a Mediterranean cliff.

At the Bench, the latest place to lunch, the portobello-mushroom fries are an unusual treat -- and even better when sitting on the terrace overlooking the 18th hole. Oceanfront properties are hard to come by, with rooted residents including Charles Schwab and Condoleezza Rice. A 9,000- square-foot home on the famed 17-Mile-Drive sold for $10.6 million. But in the neighboring town of Carmel, where the market is liquid and lifestyle more casual, Hobbit-like cottages costing from $1 million to $3 million make cozy tuck-away homes.

Last year, median sales were down, but the second half saw an upswing in sales. Fixer-uppers are still selling under $2 million, far less than newly built peers. Locals like to brunch at Mission Ranch, where aging ex-mayor and proprietor, Clint Eastwood, is still known occasionally to entertain diners with a piano number.

*Includes Carmel

Median price, 2012: $1.06 million

Median price, 2011: $1.09 million

20. SEA ISLAND, GEORGIA

The four billionaires who own Sea Island are trying to make it a major destination and not just a place for well-heeled Southerners. It's a challenge. Many people outside the Southeast still do not know of this quiet little island on Georgia's coast, which is why Scott Steilen, Sea Island's president since July 2011, is making some needed changes. He has brought in a top Atlanta broker to drive real-estate sales and a marketing executive to reach new buyers.

They've got a lot to work with, from a round of golf at the Seaside Course, to a private dinner at the Cloister's wine cellar, where dinner can end with an 1840 Ferreira port. Real-estate prices are still pretty soft, even though Steilen attributes the 2012 median-sales drop to a lack of sales above $6 million and more condo than house sales. He says that's the opposite of what happened in 2011.

Sea Island is self-contained, the island essentially controlled by the resort, with natives all eating at Southern Soul BBQ, just before crossing the Sea Island bridge.

Bottom line: Sea Island is still a buyer's market when other luxury markets are running hot.